Scotiabank Raises CubeSmart (NYSE:CUBE) Price Target to $45.00

CubeSmart (NYSE:CUBE) had its target price boosted by research analysts at Scotiabank from $40.00 to $45.00 in a report issued on Monday,Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s target price would suggest a potential upside of 5.51% from the company’s current price.

CUBE has been the topic of a number of other reports. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price on the stock in a research report on Thursday, March 6th. Barclays dropped their price target on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and dropped their price target for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Mizuho started coverage on CubeSmart in a research report on Wednesday, April 9th. They issued a “neutral” rating and a $39.00 price target for the company. Finally, Evercore ISI raised their price target on CubeSmart from $44.00 to $47.00 and gave the company an “in-line” rating in a research report on Friday, May 2nd. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $47.00.

CubeSmart Stock Down 0.7%

CUBE stock opened at $42.65 on Monday. CubeSmart has a one year low of $34.24 and a one year high of $55.14. The stock has a market capitalization of $9.72 billion, a PE ratio of 24.10, a price-to-earnings-growth ratio of 11.58 and a beta of 1.00. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The company has a fifty day moving average of $40.60 and a 200-day moving average of $43.05.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.02. The firm had revenue of $273.04 million during the quarter, compared to analysts’ expectations of $268.16 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. CubeSmart’s revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.64 earnings per share. As a group, analysts expect that CubeSmart will post 2.64 EPS for the current year.

Hedge Funds Weigh In On CubeSmart

Several institutional investors and hedge funds have recently modified their holdings of the company. Bessemer Group Inc. lifted its stake in shares of CubeSmart by 7.4% during the first quarter. Bessemer Group Inc. now owns 3,721 shares of the real estate investment trust’s stock valued at $158,000 after buying an additional 255 shares during the period. Blue Trust Inc. lifted its stake in shares of CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 289 shares during the period. Covestor Ltd lifted its stake in shares of CubeSmart by 22.8% during the first quarter. Covestor Ltd now owns 1,575 shares of the real estate investment trust’s stock valued at $67,000 after buying an additional 292 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of CubeSmart by 0.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust’s stock valued at $2,280,000 after buying an additional 306 shares during the period. Finally, Cerity Partners LLC lifted its stake in shares of CubeSmart by 6.2% during the first quarter. Cerity Partners LLC now owns 5,375 shares of the real estate investment trust’s stock valued at $230,000 after buying an additional 316 shares during the period. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Company Profile

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.